In August 2019, Syncora Holdings Ltd. (“Syncora”) announced the signing of an agreement to sell Syncora Guarantee Inc., its wholly owned, New York financial guarantee insurance subsidiary, to Star Insurance Holdings LLC, an entity organized by GoldenTree Asset Management LP (“GoldenTree”) on behalf of GoldenTree’s managed funds and accounts, for $392.5 million in cash, subject to adjustment. The closing of the transaction remains subject to customary conditions and is expected to be completed by the end of the fourth quarter of 2019 or during the first quarter of 2020.

Duff & Phelps served as a financial advisor to the board of directors of Syncora and provided a fairness opinion in connection with the transaction.

About GoldenTree Asset Management LP
GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, distressed debt, structured products, emerging markets, private equity and credit-themed equities. GoldenTree was founded in 2000 and is one of the largest independent asset managers focused on global credit. GoldenTree manages over $30 billion for institutional investors including leading public and corporate pensions.